Growing need for communication and emerging channels of employee and customer communication are also contributing to the rising demand for the tools to moderate them. Enterprises dedicate a major area of their expenditure on telecommunication services. Growth in the use of smartphones and internet are contributing to innovative channels of communication. Telecom analytics systems help the enterprises from around the world to compile all the business intelligence in a single set and analyze the intricate requirements. Telecom analytics market is mainly driven by the increased rate of adoption and changing trends in the IT and telecom market. Growing demand from emerging markets and globalization are expected to create essential growth opportunities for the existing as well as emerging players.
Scope of Research in Telecommunication Analytics Market
Researchers segment the global market on the basis of the types of basic applications, which include market, service, customer, network, and price analytics. Based on the hardware types, the market is segmented into storage, service and network equipment market. The service market is categorized into consulting, training and support and implementation. Telecom operators and enterprises are the major users in the telecom analytics market. Major geographic regions in the market are categorized into North America, Middle East and Africa, Asia Pacific, Europe and Latin America. Study of all these segments provides details about the growth trends, business opportunities, restraints and forecasts for the key industry players in the years to come.
Major Industry Drivers & Restraints
According to the researchers, the global telecom analytics market is driven by three major factors. These factors include enhanced implications of revenue management, continuous rise in demand for churn prevention and rising vulnerability and suspicious activities across all the industrial verticals. Advancing technologies and rising rate of adoption across different industrial verticals are also expected to drive the growth in this market during the next few years. Finding accurate resolve to the increasing threats and identifying the attacks and fraudulent calls remain major challenges for the market.
Lack of awareness amongst telecom operators and requirement for high level maintenance are the major restraints for the market. However, growing significance of PBX in internal operations are expected to present growth opportunities for the market. Supplementation of up-selling techniques and increasing vulnerability of the mobile devices are also some of the vital factors creating business opportunities in the market. According to the experts, the global telecom analytics market is expected to grow at a healthy growth rate.
From 2014 to 2019, the global market is estimated to grow at a projected CAGR of over 34%. At such an exponential growth rate, the market is anticipated to become worth $ 4,296.6 million by the end of 2019, which is currently estimated to be worth $975.2 million. North American region is expected to remain the strongest geographic region in the global market based on geographic dominance.